Depending on the material, there can be a great difference between cast and forged materials.
Both techniques are developed to get a near net shaped part, but that is where the similarity ends.
A very common analogy is the bread dough. If you just mix the bread flour and water, and bake it, the bread is very brittle and crummbles easily.
On the other hand, if you knead the dough for a long time, you end up with a chewy bread.
The forged parts will usually have a better mechanical properties such as strength, fatigue properties etc. It will also be lower on porosity, inclusions etc.
The other problem with cast structure is something called as "coring" or "segregation". In addition, in case of castings, there is a very distinct property gradient. The dendrites have different properties and chemistry as compared to the interdendritic regions.
Some of these can be eliminated by heat treament and modified casting processes such as pressure die casting and use of chilling.
Even with this, in most cases, the forged part will be considerably better when compared to a cast part.